Follow Through Tuesday?

The S&P bounced off the 50 day moving average yesterday and futures are up about 10 points as I write. Another close above the 1042-1050 level would be short term bullish so stay tuned.

Speculation in a report over the potential end to dollar-based trading in the oil market may be part of the reason gold prices have rallied beyond $1,020 an ounce to stand near their highest level in 18 months.

Gulf Arab states, along with China, Russia, Japan and France, are planning to put an end to dollar-based trading in the oil market, according to an exclusive report published Tuesday in the U.K. by the Independent newspaper.

The folks across the pond are mirroring Goldman’s positive outlook on banks as they are higher from some upgrades over there. The European banking sector was upgraded to overweight from neutral at Merrill Lynch.

The hunt for Red October continues here, and earnings ramp up hard in a few days. Alcoa kicks it off as usual. and as we all know, usually fails to impress, maybe they can at least “meet” the number as the greenback has fallen off a cliff. I know my family has cut back on our aluminum foil consumption due the the recession.

Australia is the first G-20 nation to raise rates today, interesting.

The materials (XME) or (UYM) should play well here as the dollar continues to implode.

Have a great day.

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